The post Best Car Takaful Company in Malaysia – Guide to Buying Online appeared first on iBanding Making better decisions.
]]>One of the ways we at iBanding is helping the public in choosing the right insurance company is by conducting a yearly survey to find out what the consumer think of their insurance and takaful companies. The findings obtained from the survey enable us to produce the ranking of most (if not all) motor insurance and takaful companies in Malaysia. Earlier this year, the winners of the 2017/18 Malaysian Motor Insurance and Takaful Award were given to these tops companies:[/vc_column_text][/vc_column][/vc_row]
With these rankings as a guide, we hope the consumers are able to make more informed decision when choosing the company to insure their cars.
And to those who intend to purchase theirs from Syarikat Takaful Malaysia, the number one motor takaful company as voted by the Malaysian consumer for two consecutive years, we hope that this article will help guide you through the process.
The car takaful plan from Syarikat Takaful Malaysia can be purchased online from their online portal called Click for Cover or here.
It is a well streamlined and easy to use web portal and we assure you that anyone can do it within a few minutes. However, to ensure accuracy of information, it is advised that you have your vehicle registration card or renewal notice from your previous insurance / takaful company ready.
The first thing you need to do is key in a few information such as your NRIC number, car registration number (plate number), postcode and email address.
If there’s a tricky part about the purchasing process, this could be it. But if you have a good knowledge about your car, or if you have your card with you, this step shouldn’t be an issue.
Information required here is largely vehicle and model-specific, such as variant, import type (local assembly, complete knocked down etc), type of anti-theft device fitted. You are also required to disclose what type of parking you have at your residence, if the car is still under bank loan and how many permitted drivers will be driving the car.
Once you’ve entered all the info, you should be able to see the preliminary price for your car takaful on your right.
This is the discount that you get for buying (or renewing) your insurance (or takaful in this case) online. This discount is not specific to Syarikat Takaful Malaysia. You should be getting this discount when buying directly from any insurance and takaful companies ONLINE.
It says: You may be entitled to an estimated Cash Back subject to financial performance, applicable tax deductions and no claims incurred during the coverage period.
According to Syarikat Takaful Malaysia, they are the only takaful operator to consistently offer this cash back as a reward for their clients who have not made any make within the coverage period. For more explanation about cash back, read here.
As a Takaful Malaysia’s customer, you are entitled to a RM15,000 Personal Accident coverage for each passenger and driver. This comes at no additional charge to you.
Here you can add additional coverage that you would like to have. One of these is mandatory for you to add and that is the Named Drivers. Here you need to key in the number of drivers allowed to drive your car and be covered by your insurance policy. The first two drivers are free. You will not be able to leave this page as long as you have not put in a number.
Other additional coverage that you may choose are:
All these come with a brief and helpful description. Once you add them to your policy, you will notice the quoted price to the right changes.
Easy step of keying in your personal and contact information.
Another easy step. Here you need to fill in the name, NRIC number, gender and relationship of the ‘named drivers’. The number of drivers that you will need to fill is according to the number chosen by you in step 2. If you only chose 1 driver, then there isn’t much for you to do here. Simply continue.
Time to check that everything is alright and make payment.
Please note here that it says:
You will have to bear a compulsory excess of RM400 in the event of claim if your vehicle is driven by a person who is not named in your certificate or if the driver holds a Learner (L) driver’s licence. The excess is the first amount that you have to bear in respect of each and every claim.
So make sure that if your car is often driven by others, such as a spouse, a sibling, friend or child, they are nominated as named drivers in step 2. As mentioned, the first 2 (this includes you) are free. The rest are chargeable at RM10 per person.
Once you are happy with the coverage, you can make payment via credit card or bank transfer. The transaction is swift and secured. Voila. You have yourself a takaful cover for your car, at a 10% direct discount, and 15% cash back if you don’t make a claim within the next 12 months.
What are the benefits that you will be getting with the car takaful policy you just purchased you may asked? Well, let’s look at them here.
1. Comprehensive coverage – this means that in case of an accident, not only your plan will cover for the damage and injury of the third party (if the accident is caused by you), but also the damages suffered by your own car. For more information about the different types of car insurance policies, click here.
2. 24/7 roadside assistance program – the round-the-clock emergency car assistance Tele Bantuan Program offers:
– Minor roadside repair: jump start services, change of battery or tires, emergency delivery of petrol and/or minor wiring work with free labour costs up to 2 hours
– Towing service: free towing service up to 50km per incident from breakdown scene to the nearest Takaful Malaysia’s panel workshop and maximum of RM200 to the nearest Takaful Malaysia’s panel workshop in case of accident
3. Cash back reward no claims – You car insurance will be cheaper with extra cash back if you do not file a claim and the company is doing well.
4. Complimentary Personal Accident coverage – for both you and your passengers up to RM15,000 per person.
Sounds good! Ready to purchase? Click here.
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]]>The post The Couch Potato’s Guide To Buying Car Insurance In Malaysia appeared first on iBanding Making better decisions.
]]>What type of car insurance buyer are you?
If you are feeling the drag to bring yourself to the insurance office to renew your car insurance and would rather have someone else do the due, you are The Couch Potato.
As a Couch Potato, you find that comparing prices is just too much work. Plus, there are so many insurance companies in Malaysia to choose from.
It just seems like you have to muster so much effort and leaving your house just for one task really isn’t your thing. Filling up the necessary forms, making payment and collecting road tax is totally killing your buzz.
But this is something you need to do and it has to be done right. On top of that, the renewal is just around the corner. All you want is to do get this renewal over with — without doing anything.
Fret not!
Today there are more ways than one to buy motor insurance. If you still want to have the luxury of your couch, buying from a full time insurance or Takaful agent is probably what you’re looking for.
Let’s explore further by looking at price, speed and convenience, sales advise and claims support when you buy from a full-time agent.
In our yearly survey to find the best motor insurance company in Malaysia, we found that Malaysians largely buy their insurance from an agent. In 2016, 34% of our survey respondents bought through an agent. You can read more about the award here. So we are curious to see how good insurance agents are compared to the other channels.
We have ranked buying from an insurance agent as neutral, because it really depends on how efficient your insurance agent is and how well you know him. If your insurance agent is a family member, then there might even be a chance that you will receive part of the commission back. On the other hand, it is not BAD like Pos Malaysia, because you pay for the extra service that a good agent is providing you.
When it comes to speed, not all insurance agents will be able to give you the road tax together with the insurance on the spot like Pos Malaysia or an insurance branch. However, some agents have their own Road Tax device from MyEG that allows them to issue the road tax. You can identify them by their MyEG sign at their office. Often times, the places are labeled as MyEG Kiosk.
Large agencies can represent more than one insurance company. These agents can help you compare prices among insurance companies to find the cheapest. This is important, because with the motor detariffication starting July 1st, each insurance company will offer a different price for you. Read more about Motor Detariffication in our article Malaysian Motor Detariffication.
Insurance agents play an important role during accidents. When you are involved in a road accident or if your car is stolen, a good insurance agent will be able to guide you what to do and what not to do. The agent will be able to advise what the insurance company will cover and pay for. A great agent will even fill out the claims form for you and collect all the necessary documents to file the claim with the insurance company.
If this is still an option you think may not suit you, explore other options in our 2017 Buying Guide for Motor Insurance/ Takaful and Road Tax in Malaysia.
WAY OF BUYING
|
PRICE |
SPEED & CONVENIENCE |
SALES ADVICE |
CLAIMS SUPPORT |
MYEG |
NEUTRAL |
GOOD |
BAD |
BAD |
Pos Malaysia |
BAD |
GOOD |
NEUTRAL |
BAD |
DIRECT Insurance/
|
GOOD |
BAD |
BAD |
NEUTRAL |
ONLINE DIRECT |
GOOD |
BAD |
NEUTRAL |
NEUTRAL |
Good Insurance/
|
NEUTRAL |
GOOD |
GOOD |
GOOD |
Car / Motorcycle Dealer
|
NEUTRAL |
BAD |
BAD |
BAD |
The post The Couch Potato’s Guide To Buying Car Insurance In Malaysia appeared first on iBanding Making better decisions.
]]>The post Malaysian Guide to Last Minute Motor Insurance Online Purchase appeared first on iBanding Making better decisions.
]]>What do you do if it’s 5.30 pm and you have just realized your car insurance is expiring tomorrow? Your insurance agent is out of reach (or you don’t even have one) and it is obviously too late to drive to an insurance or a MyEG branch.
So for the last minute shoppers like many Malaysians are, here is a guide to what you can do.
There are many insurance companies these days that sell online, refer table at the bottom of this article. We’ll take Syarikat Takaful Malaysia online portal and demonstrate the step-by-step procedures involved in buying a motor insurance policy.
Before we get started, here are the information you will need in order to make the purchase:
Most information you will find either on your 1) current insurance policy, 2) the renewal notice from your current insurance company or 3) on your vehicle registration card.
Motor Takaful Malaysia’s online portal currently only offers Comprehensive insurance.
Enter the following details:
There is an easy slider you can move to choose your sum insured. If you don’t see the slide, don’t worry, proceed anyway.
If the system does not recognize your vehicle model (like it didn’t ours here), enter it manually. This is the most challenging part about buying insurance online. There are many details that you may not be familiar with. So it is wise to have your policy cover note on hand!
Make sure to select the date when the new policy should take effect. Mistake even by one day prior to the date will mean that you won’t be enjoying your new, higher, Non-claims discount (if no claims have been made against your expiring policy).
You can read a detailed explanation on NCD here.
Note the 10% rebate you get for buying online.
One unique feature that Takaful M. provides is the easy selection of additional cover. Here you can add windscreen protection. This is a very user friendly list as it explains clearly every additional cover offered.
You can pay by debit or credit card, or online bank transfer.
That’s it. Your insurance policy is renewed for another year. You can download a hard-copy of your certificate here. Now you’ll need to purchase your road tax from MyEG.
Of course buying your motor insurance online isn’t the only solution available. And by no means it is the only option you have when you are purchasing at the last minute. Give yourself ample time to compare products offered by several companies in order to find the one best suited for your needs and budget.
Each method of purchasing motor insurance has its own advantages and disadvantages you should know about. So be sure to understand them before deciding on a method that you are most comfortable with. For more information, read 2017 Buying Guide for Motor Insurance/Takaful and Road Tax in Malaysia.
If you are used to buying through an agent and are now contemplating buying via online, either because of the lower cost or the convenience of buying anytime, anywhere, understand the advantages and disadvantages of buying motor insurance online here.
The post Malaysian Guide to Last Minute Motor Insurance Online Purchase appeared first on iBanding Making better decisions.
]]>The post Advantages and Disadvantages of Buying Motor Insurance Online in Malaysia appeared first on iBanding Making better decisions.
]]>If you drive a car or motorcycle in Malaysia, you are probably already experienced in buying insurance. Under the Malaysian Road Transport Act 1987, all vehicles on the road need to have a valid motor insurance. This is enforced by the traffic police who ensures that everyone driving on the road carries a valid road tax sticker.
If you get caught driving without a valid road tax, you will receive a big fine.
For the past 2 years, iBanding has carried out surveys to find Malaysia’s Best Motor Insurance and Takaful companies. Our survey is based on the experience that people have with their insurance company.
One of the important findings from our surveys shows that more and more Malaysians are buying insurance online and less through insurance agents. From 2015 to 2016, the number of Malaysians buying motor insurance through the internet almost doubled from 8.7% to 16.9%.
Buying insurance online gives you 3 major advantages:
Many are aware that buying through an agent costs a little more. To be exact for Motor Insurance, it costs 10% more. So if your car insurance costs RM1,000, you end up paying RM1,100. The 10% is paid as a commission to the agent for handling and servicing you. When you buy online directly from the insurance company, you will either see a 10% discount.
You can purchase the motor insurance in the comfort of your own home, in your pajamas, 24 hours a day. You do not need to leave the house, look for parking and queue in long lines.
If you know how to fill out all the details you can get your insurance and the road tax sticker within 24 hours.
No fuss, traffic jams and long queues. Buy from the comfort of your own home.
The key disadvantage of buying insurance online is not having an agent to rely on and the downsides to this are:
When you go online to buy your motor insurance, there are a lot of information you need to know or at least have on hand. Such as type of insurance, coverage, agreed value vs. market, exclusions, riders and clauses.
You also need to know the VIN, chassis and sum insured of your car. If these terms are unfamiliar to you, you may find it frustrating to buy insurance online on your own. So read up on these terms before you purchase your insurance online.
When you provide wrong information, you can still buy insurance successfully. But mistakes in filling out the correct information can create a lot of problem in the future should you have an accident. The insurance company can refuse to pay for your damages, because you provided wrong information.
If you fill out the form, you are at fault if an information was wrongly provided. If an agent fills it out for you, the agent is at fault and you have the chance to still be paid, because it is the agent’s duty to get the correct information.
When you buy motor insurance online, be sure to know what service you are getting. Buying insurance can be as easy as buying an airline ticket online at AirAsia.com. However, unlike airline travels, which many of us are already familiar with, insurance can be complicated.
When there has been a road accident or car theft, we would normally count on our agent for advice. It is not easy to deal directly with the insurance company, not to mention it can be very time consuming. Insurance companies will ask for all sorts of information and documents that you might not even know where to get.
This takes a lot of time. The delays benefit insurance companies as this means they do not need to pay immediately. At times, the prolonged processes even discourages people to follow through and possibly give up the claim.
A good and responsible agent acts in your interest and will fight for you ensuring that your claim gets approved as soon as possible.
Bought your motor insurance online but not getting a discount? Here’s what you need to know.
Buying insurance online refers to buying directly from the insurance company. Only then you are entitled to the 10% discount. However, many individual companies and insurance agents have created their own webpage to buy insurance. When you buy from these sites, know that you will not get the 10% discount. Best example is MYEG.
When you buy insurance through MYEG, you do not get the 10% discount. This is because MYEG is registered as an insurance agent and is getting the 10% commission from you.
Judging from the info on their website, if you have an accident, MYEG will forward your questions to the insurance companies’ call centre. This means that even though you have paid MYEG 10% commission, you still have to deal with the insurance company yourself for any matter including claims.
The disadvantages can seem a little daunting especially to someone without a lot of insurance knowledge and experience when it comes to claims. Perhaps if we consider these factors, the 10% commission that we pay to the agent now seem to worth its value.
It is all about individual choice. If you are only looking for savings, buying online is definitely the answer for you. Here is a list of insurance companies and their website that allow you to buy insurance online and get a 10% discount.
Are you looking for a reliable agent to help you with your motor insurance? Check out our insurance directory to find the best agent near you.
 |
Takaful Malaysia |
Go to website |
 |
Etiqa Insurance |
Go to website |
 |
Axa Affin Insurance |
Go to website |
 |
Berjaya |
Go to website |
 |
Takaful Ikhlas |
Go to website |
The post Advantages and Disadvantages of Buying Motor Insurance Online in Malaysia appeared first on iBanding Making better decisions.
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